The club was also threatened with a one-season ban from the European competition for breaking financial fair play rules, according to a UEFA statement.

The statement said: "Should the club not be break-even compliant at 30 June 2021, it will be excluded from participating in the next UEFA club competition for which it would otherwise qualify, in the two seasons 2022/23 and 2023/24."

"The club will also have EUR 12 million of its UEFA revenues from the 2018/19 UEFA Europa League withheld and will not be permitted to register more than 21 players for participation in UEFA competitions in the 2019/20 and 2020/21 seasons," it said.

In June, UEFA had banned Milan from the competition for violations of breaking financial fair play rules.

Milan appealed to the Court of Arbitration for Sport (CAS), which sent the case back to UEFA to reconsider the punishment.